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So what

Sony gained some new competition in the video gaming market in March, then made investors forget about that threat by doubling its bottom-line earnings year over year on a mere 1.5% revenue boost. Activist investor Dan Loeb, who has been prodding Sony's board of directors with different ideas on how to grow the company, stepped back and called a truce. Later, analyst firms Jefferies and Macquarie upgraded Sony's stock to a buy.

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Now what

Investors take notice when companies post results strong enough to inspire even their harshest critics, including Third Point's Dan Loeb, in Sony's case. The entertainment industry was never a serene market sector but Sony appears to be finding ways to stay relevant in a cutthroat environment.

At this point, Sony's shares trade 16% above their 52-week lows at a very affordable 8.7 times trailing earnings, or 5.6 times free cash flows. In a nutshell, Sony stock is priced for absolute disaster, but the company might deserve a more positive market-maker review.